If the price of contact lenses doubles,
A. quantity supplied will rise.
B. quantity supplied will fall.
C. supply will rise.
D. supply will fall.
A. quantity supplied will rise.
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Explain how the purchases of used goods and of financial assets affect GDP
What will be an ideal response?
Suppose that Bill budgets exactly $50 each month for fresh shrimp, regardless of whether shrimp is priced at $10 per pound, or is on sale for $4 per pound. Based on this information, Bill's price elasticity of demand is:
a. 0. b. Cannot be determined. c. 1. d. infinite.
An increase in the price a firm receives for its output will lead the firm to:
A. expand output. B. reduce output. C. leave output unchanged and earn smaller losses. D. leave output unchanged and earn greater profits.